6th Grade Financial Literacy

Front

What is a work-study program?

Back

A payment option that allows students to work on campus and earn money to help pay for their college education.

Front

What happens to Julio's account when he pays $35.92 with his debit card?

Back

Julio's linked account will immediately have $35.92 removed.

Front

What is a debit card?

Back

A type of payment card that withdraws money immediately from a checking account when used for purchases.

Front

What is a credit card?

Back

A payment card that allows you to borrow money up to a certain limit to make purchases, which you must pay back later, often with interest.

Front

What is a late fee?

Back

A charge that is applied when a payment is not made by the due date.

Front

What is the balance of an account?

Back

The amount of money available in a bank account at a given time.

Front

What is a scholarship?

Back

A financial award given to a student to help pay for education, which does not need to be repaid.

Front

What is a loan?

Back

Money that is borrowed and must be paid back with interest over time.

Front

What is a Pell Grant?

Back

A type of federal financial aid that does not need to be repaid, awarded to low-income students.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money to make purchases.